ADB to give $200m for economic corridor

Business Desk

Asian Development Bank (ADB) has decided to invest $200 million initially as part of its cooperation for the development of Southwest Economic Corridor. This amount will be spent for fuel transportation and trade facilitation purposes.

The decision was taken at a meeting between executive director of Bangladesh Investment Development Authority (BIDA) Kazi Aminul Islam and representatives of ADB, said a handout yesterday.

According to BIDA, it has planned to develop Payra Port-Benapole-Dhaka and Dhaka-Sylhet Corridors which will connect Bangladesh, India, Myanmar and China. Along with it, some short, medium and long term projects will be taken.

ADB will individually and jointly implement national and regional projects which are the part of the corridor project. These projects will help develop planned industrialization, infrastructure, connectivity and other facilities, it said.